Titijaya Land Bhd is planning to buy a company that owns two parcels of land totalling 46.2 acres in Subang, Selangor, which Titijaya intends to develop into a mixed project with a gross development value of RM2.4 billion. The two parcels of land are valued at RM142 mil or RM70.56 psf.
The proposed development will comprise serviced apartments, commercial shops and affordable homes. The number of units for the development will be determined in due course. The estimated GDV of the development is RM2.4 billion and estimated GDC is RM1.8 billion. The developer is expected to make RM600 mil profit from the development with 25% profit margin. The development will commence in 2H2017 and will take 10 years to complete the entire development.
Lot no: Lot 85722 and Lot 85723, Mukim of Bukit Raja, District of Petaling, Selangor Darul Ehsan
Land area: 46.2-acre (Lot 85722 – 33.21 acre; Lot 85723 – 12.99 acre)
Category of land use:
Lot 85722 – Building (Residential)
Lot 85723 – Building (Commercial)
Land price: RM142 mil (RM70.56 psf)
Date of transaction: 30 September 2016
Titi Kaya Sdn Bhd (48.32% owned by Brem Holdings Bhd),
Lee Eng Wah and Lim Wen Yeh (all shareholders of NPO Builders Sdn Bhd)
Purchaser: Titijaya Land Berhad (via acquisition of shares in NPO Builders Sdn Bhd)
1. Land valued by Cheston International (KL) Sdn Bhd on 23 September 2016 for RM142 million (RM70.56 psf)
2. Parts of Lot 85722 and most of Lot 86723 are occupied with several semi-permenant and permenant buildings and there are less than 50 occupiers on the site.
3. A development order dated 18 May 2016 has been obtain for Lot 85723.